POLONIEX USERS MUST VERIFY THEIR IDENTIFICATIONS TO AVOID SERVICE INTERRUPTIONS

The renowned house of change of cryptoactives, Poloniex informed that it will demand the fulfillment of identification requirements to all its users, including those who have long-opened accounts. Users must complete the verification process of their data in order to increase the maximum withdrawal amount from 2,000 to 25,000 dollars, as well as to enjoy all the exchange functions offered by the platform.

The deadline for the update will be offered during the first quarter of 2018, although Poloniex urged its users to complete this process as soon as possible to avoid inconveniences with the services of the platform. Users must complete the same verification process as newer users to meet the requirements of Know Your Customer.

We recently completed a major update to our customer identification and verification systems. As a result, we will soon need the inherited accounts to be verified through the latest version of our verification portal. The exact date for this period will be announced in the first quarter of 2018.

Notice to customers of Legacy accounts

Poloniex

As explained in the statement, users who do not update their accounts will see their options in the affected platform . Trade and loans will be disabled; Open orders will be closed; the margin positions will receive an 8-week settlement period in which they can only be reduced or closed.

In addition, the deposit addresses will be revoked, so any deposit sent to a revoked address will not be recoverable, at least until the account is verified. Withdrawals will remain enabled with a limit of $ 2,000 per day before the deadline.

Poloniex is headquartered in the state of Delaware, United States, and has a volume of operations of more than 950 million dollars, ranking in the sixth position according to the data of coinmarketcap.com .

Other exchange houses like Bittrex have already made similar decisions . At the beginning of December the company published a statement in which it was explained that the process of verifying the identity of the users would be more rigorous. The objective is to avoid the activities associated with money laundering , terrorism and other crimes that may be hidden in anonymity.

In addition, the process will serve to avoid problems in the functioning of the platform such as creating multiple accounts associated with a single individual, the non-coincidence of names, illegible identification documents, as well as the recognition of non-Latin characters in government IDs. Federal of the United States, and open multiple support or verification tickets.

The legal entities of the North American country urge to comply with the Banking Secrecy Act , which has been in force in the United States since 1970. It requires financial institutions in the United States to help government agencies detect and prevent money laundering, which may be a reason for this decision.